Ryder Drive Apartments
100% occupied asset with rent growth and utility bill-back upside.
Marketing description
Ryder Drive Apartments is strategically located at 1721, 1731, and 1815 Ryder Drive in Baton Rouge, the capital city of Louisiana and the second-largest metropolitan area in the state. Baton Rouge serves as a major regional hub for government, education, healthcare, and petrochemical manufacturing, providing a stable and diversified economic base that supports long-term demand for rental housing.
Baton Rouge benefits from a strong and diverse economy anchored by state government, higher education, healthcare, and one of the nation’s largest petrochemical corridors. As the state capital, Louisiana State Government employs thousands of workers in administrative, regulatory, and public service roles. The city is also home to Louisiana State University, one of the largest universities in the southeastern United States with over 35,000 students. The university is a major driver of the local economy and a consistent source of rental housing demand from students, faculty, and staff.
Additional major employers include Our Lady of the Lake Regional Medical Center, Baton Rouge General Medical Center, and global energy companies operating along the Mississippi River industrial corridor, including ExxonMobil, which operates one of the largest refineries in North America in Baton Rouge.
The Baton Rouge metropolitan area is home to more than 870,000 residents, with steady population growth driven by the city’s strong employment base and educational institutions. The workforce is diverse and well-educated, with large concentrations in government, healthcare, education, manufacturing, and energy industries.
The Baton Rouge multifamily market remains stable due to the presence of multiple economic anchors, including state government, LSU, healthcare systems, and the petrochemical industry. These sectors provide consistent employment and support long-term demand for workforce housing.
Investment highlights
The Ryder Drive Apartments consists of 18 units located in Baton Rouge, Louisiana. The property is 100% occupied and all units are 2 bed and 1.5 baths. Current ownership has fully renovated 16/18 units and ownership currently absorb tenant’s expenses for water, sewer, and trash. Each unit comes equipped with washer and dryer connections for the tenants.
Current ownership achieves $149,832 in current NOI. The following has been completed in the fully renovated units: new vinyl flooring, new countertops, new appliances, new paint, and new fixtures. To increase current NOI, new ownership can increase rents to proven rents within the asset while also billing back water, sewer, and trash to tenants. As a result of raising rents to market and billing back utilities, new ownership can achieve $163,532 in annual NOI.
The Ryder Drive Apartments are currently self-managed. Proforma financials were underwritten with an 7% management fee. Proforma taxes were underwritten with a 10% increase.
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